Cosmos (ATOM) is a cryptocurrency. Cosmos has a current supply of 237,928,230.822 with 190,688,439.2 in circulation. The last known price of Cosmos is $2.91 USD and is down -2.55% over the last 24 hours. It is currently trading on 132 active market(s) with $140,966,048.753 traded over the last 24 hours. More information can be found at Cosmos
What Is the Cosmos Network?
Cosmos (ATOM) is a decentralized ecosystem of independent blockchains that its creator, All In Bits Inc (dba Tendermint Inc), hopes is the foundation for the next generation of internet technology. Instead of participating in divisions between crypto factions, Cosmos brings them all together, enabling interoperability, currency exchanges, and an Internet of Blockchains (IoB). Atom (ATOM) is the proprietary staking coin used by the network and also tokenizes transactions.
The team essentially built two components to make this happen: Tendermint Core, and an Inter-Blockchain Communications (IBC) protocol. Together, they form the Cosmos Network.
Tendermint Core – Tendermint is the open-source base layer that acts as a blockchain development platform. Anyone with an application can use this blockchain-in-a-box implementation to integrate their own decentralized/distributed network, along with their own BFT-compatible consensus model.
Inter-Blockchain Communications (IBC) – The next layer is the interconnectivity layer that enables communication between all the individual chains. This creates a series of interconnected zones and hubs that act independently, yet share a common system architecture. This is the key layer for token, data, and digital asset exchanges across chains.
Cosmos integrates processing/verification hubs to keep everything running together. Hubs use a Proof-of-Stake (PoS) consensus to validate Tendermint transactions. The project gained traction in recent years, thanks in part to $9 million in VC funding from the likes of Paradigm, and Bain Capital. In fact, London-based KR1 reports Cosmos is its most successful investment, raising $360,605 off a $7,000 buy.
The Cosmos mainnet launched March 14, 2019. It’s hailed as a strong project, but it’s not without problems. A summer 2019 attack exposed a vulnerability that would be costly if not corrected. Still, the team’s vision of a global economy run on cryptocurrency is one shared by many expert analysts at this point.
Let’s start our exploration of this ambitious project with an analysis of ATOM, the native cryptocurrency token used by the Cosmos Network.
ATOM Token Cryptocurrency Summary
Cosmos has a total supply of 237,928,231 ATOM. Over $40 million worth of ATOM is traded on a daily basis, and the peak price so far was $8.31 on March 16, 2019.
Ths Cosmos ICO was held on April 6, 2019, raising $17.3 million worth of ETH, BTC, and USD. Approximately 75 percent of the available token supply was sold in the ICO, with 5 percent withheld for seed investors, and 10 percent each held by All in Bits and the Interchain Foundation.
ATOM isn’t mined. Instead, it’s earned via a hybrid PoS algorithm. The more ATOM staked, the more likely to become a validator node to validate a transaction and earn tokens, though it is also possible to delegate your tokens and receive a portion of the rewards.
If a node is found to be acting dishonestly, it’s removed immediately from the network and its ATOM balance is held for 21 days while the incidents are investigated. The staked coins are then destroyed. The summer 2019 attack removed the 21-day waiting period and allowed bad actors to remove tokens before they were destroyed.
ATOM is accepted on a wide variety of cryptocurrency exchange markets, including Binance, BitForex, Huobi Global, Dcoin, Kraken, Bibox, and OKEx. Trading pairs include BTC, ETH, USDT, and fiat currencies like EUR and KRW.
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.